Louisiana Revised Statutes 11:952.32 – Service retirement allowance
Terms Used In Louisiana Revised Statutes 11:952.32
- average compensation: means his average earnable compensation for the five highest successive years of employment, or the highest five successive joined years where interruption of service occurred. See Louisiana Revised Statutes 11:701
- Average regular compensation: means the average annual rate of regular compensation of a member for any period of thirty-six successive months ending with full month's pay of service as an employee during which said earned compensation was the highest. See Louisiana Revised Statutes 11:952.1
- Credited service: means service for which credit is allowable as provided in La. See Louisiana Revised Statutes 11:952.1
- Employee: means a person employed in any classification of University employees other than a student, and the word "student" includes a graduate assistant, medical intern, and medical resident. See Louisiana Revised Statutes 11:952.1
- Member: means any employee included in the membership of the funded system as provided in La. See Louisiana Revised Statutes 11:952.1
- Regular compensation: means the total cash compensation for personal services paid to an employee by the university, except compensation of an unusual or noncontinuing nature excluded by the board of supervisors as provided in La. See Louisiana Revised Statutes 11:952.1
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this part. See Louisiana Revised Statutes 11:952.1
- Retirement allowance: means annual payments for life under the funded system payable in equal monthly installments beginning as of the date fixed by the board of supervisors. See Louisiana Revised Statutes 11:952.1
- Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
- Social Security breakpoint: means the maximum level at which compensation may be included in the determination of the primary insurance amount under Title II of the Federal Social Security Act, provided that for purposes of the funded system seven thousand eight hundred dollars shall be deemed to have been the Social Security breakpoint for all years prior to 1968. See Louisiana Revised Statutes 11:952.1
A. For service retirement commencing with the end of the 1974-1975 academic year, a member shall receive a service retirement allowance, inclusive of any tax-sheltered annuity purchased for the member under the provisions of La. Rev. Stat. 11:952.52(F), for each year of his credited service, computed as follows:
(1) For service rendered prior to July 1, 1971, one and one-third percent of that part of his average regular compensation not in excess of seven thousand eight hundred dollars, plus two and one-half percent of that part of his average regular compensation in excess of seven thousand eight hundred dollars.
(2) For service rendered on and after July 1, 1971, one and one-third percent of that part of his average regular compensation not in excess of the social security breakpoint average commencing July 1, 1971, through the year of retirement, or establishment of a vested deferred service allowance, plus two and one-half percent of that part of his average regular compensation in excess of such social security breakpoint, but the computation of the social security breakpoint average shall exclude any calendar year subsequent to July 1, 1971, in which the member was not employed during any part of such calendar year.
B. The benefits provided by this Section, together with the primary worker’s benefits he then is eligible to receive under the federal Social Security Act, shall not exceed one hundred percent of his average compensation, except that this provision shall not be applied to reduce the benefits available to any employee prior to September 12, 1975.
Added by Acts 1971, No. 26, §1. Amended by Acts 1972, No. 519, §1; Acts 1975, No. 346, §1; Acts 1977, No. 323, §1. Redesignated from La. Rev. Stat. 17:1624 pursuant to La. Rev. Stat. 24:253.